A Seinfeld Rerun

Judge says CFTC doesn't have to pass useless rules. CFTC disagrees.

Oct. 16, 2012 8:13 p.m. ET

Americans are cynical about bureaucratic motives, but sometimes not enough. Consider that the Commodity Futures Trading Commission may go to court to defend its obligation to impose needless rules for nonexistent problems.

A federal judge ruled late last month that the 2010 Dodd-Frank law does not require the CFTC to impose new trading regulations if the CFTC doesn't believe they are necessary. One would have thought this would be welcome news. Show of hands, how many people want to be forced to implement policies they...